Legal interest rate for late payment in
commercial transactions

On 5 September 2014, a notice was published in the Official Gazette regarding the legal interest rate for late
payment in commercial transactions.

1. For the 2nd half of 2014, the interest rate applicable for late payment in commercial transactions is:

7,5% for contracts concluded before 16 March 2013, or

8,5% for contracts concluded, renewed or extended on or after 16 March 2013.

This specific intrest rate is provided for transactions between companies or between companies and public authorities  by the law of 2 August 2002 on combating late payment in commercial transactions, amended by the law of 22 November 2013, in order to implement European Directive 2011/7/EU. Read more about it in an other article on our website: "The law on combating late payments in commercial transactions has been amended".

The table below gives an overview of the interest rates applicable since 2002:

Period

Contracts concluded before 16/03/2013 (and not renewed or extended after 16/03/2013

Contracts concluded, renewed or extended after 16/03/2013

Second half of 2002

10,50 %

 

First half of 2003

10,00 %

 

Second half of 2003

 9,50 %

 

First half of  2004

9,50 %

 

Second half of 2004

9,50 %

 

First half of  2005

9,50 %

 

Second half of 2005

9,50 %

 

First half of  2006

9,50 %

 

Second half of 2006

10,00 %

 

First half of 2007

11,00 %

 

Second half of 2007

11,50 %

 

First half of 2008

11,50 %

 

Second half of 2008

11,50 %

 

First half of 2009

9,50 %

 

Second half of 2009

8,00 %

 

First half of 2010

8,00 %

 

Second half of 2010

8,00 %

 

First half of 2011

8,00 %

 

Second half of 2011

8,50 %

 

First half of 2012

8,00 %

 

Second half of 2012

8,00 %

 

First half of 2013

8,00 %

9,00 % (1)

Second half of 2013

7,50 %

8,50 % (1)

First half of 2014

7,50 %

8,50 % (1)

Second half of 2014

7,50 %

8,50 % (1)

(1) Given the fact that the Act of 22 November 2013 is retroactive as from 16 March 2013, a new double interest rate had to be determined for 2013. A double interest rate has also to be determined for 2014 and the 1st half of 2015. As from the 2nd half of 2015, a single interest rate will be applied.

2. We inform you also that the legal interest rate for 2014 is 2,75%.

This has been published in the Belgian Official Gazette on 20 Januari 2014.

This interest rate is applicable in civil matters, but also in those commercial transactions (e.g. a transaction between a professional and a non-professional), that are outside the scope of the Act of 2 August 2002 (see above).

The table below gives an overview of the interest rates applicable since 1 July 1970:

Period

Legal interest rate

From 1/7/1970

6,5%

From 1/11/1974

8%

From 1/8/1981

12%

From 1/8/1985

10%

From 1/8/1986

8%

From 1/9/1996

7%

From 1/1/2007 until 31/12/2007

6%

From 1/1/2008 until 31/12/2008

7%

From 1/1/2009 until 31/12/2009

5,5%

From 1/1/2010 until 31/12/2010

3,25%

From 1/1/2011 until 31/12/2011

 3,75%

From 1/1/2012 until 31/12/2012

4,25%

From 1/1/2013 until 31/12/2014

2,75%

05 September 2014

Ann Vranken
- ann.vranken@peeters-law.be


Read more about this topic:
The law on combating late payments in commercial transactions has been amended
Will the fight against late payments be more effective?